Independent valuation of music catalogues, royalty streams, publishing rights and master recordings. Trusted by labels, funds and family offices.
We provide expert music valuation services to help clients assess the value of music rights and assets, enabling informed investment and strategic decisions.
Our music valuation services offer detailed, partner-led assessments of music rights, catalogs, and related intellectual property. By combining financial expertise with industry insight, we help clients determine accurate valuations for acquisitions, sales, investment, or portfolio management. With actionable analysis and clear recommendations, we empower businesses and investors to make informed decisions and maximise the value of their music assets.
Multi-platinum albums and iconic radio recurrents with durable touring/merch halo; completed royalty forensics, long-tail revenue modeling, and investor materials.
Multi-platinum albums and iconic radio recurrents with durable touring/merch halo; completed royalty forensics, long-tail revenue modeling, and investor materials.

Multi-platinum albums and iconic radio recurrents with durable touring/merch halo; completed royalty forensics, long-tail revenue modeling, and investor materials.
Chart-topping dance-pop collaborations with massive DSP share and festival anthems; delivered stream-decay analysis, comps-based pricing, and buyer-ready packaging.
Chart-topping dance-pop collaborations with massive DSP share and festival anthems; delivered stream-decay analysis, comps-based pricing, and buyer-ready packaging.

Chart-topping dance-pop collaborations with massive DSP share and festival anthems; delivered stream-decay analysis, comps-based pricing, and buyer-ready packaging.
Radio and club hits across 2000s–2010s; royalty forensics and comps-based valuation
Radio and club hits across 2000s–2010s; royalty forensics and comps-based valuation

Radio and club hits across 2000s–2010s; royalty forensics and comps-based valuation
Durable choir/contemporary worship repertoire; cash-flow modeling, faith-market buyer mapping
Durable choir/contemporary worship repertoire; cash-flow modeling, faith-market buyer mapping

Durable choir/contemporary worship repertoire; cash-flow modeling, faith-market buyer mapping
Stadium rock with symphonic works; cross-territory rights review, premium sync valuation
Stadium rock with symphonic works; cross-territory rights review, premium sync valuation

Stadium rock with symphonic works; cross-territory rights review, premium sync valuation
Prime-time series scores with steady PRO income; seasonality analysis, score-package positioning
Prime-time series scores with steady PRO income; seasonality analysis, score-package positioning

Prime-time series scores with steady PRO income; seasonality analysis, score-package positioning
Global dance tracks with high DSP share; stream-decay curves, pricing optimization
Global dance tracks with high DSP share; stream-decay curves, pricing optimization

Global dance tracks with high DSP share; stream-decay curves, pricing optimization
Critically acclaimed Americana; touring-adjacent uplift and publishing valuation
Critically acclaimed Americana; touring-adjacent uplift and publishing valuation

Critically acclaimed Americana; touring-adjacent uplift and publishing valuation
Perennial radio spins and stadium repertoire; master/pub split analysis, buyer short-list
Perennial radio spins and stadium repertoire; master/pub split analysis, buyer short-list

Perennial radio spins and stadium repertoire; master/pub split analysis, buyer short-list
Evergreen party anthems; long-tail revenue modeling, heritage comps
Evergreen party anthems; long-tail revenue modeling, heritage comps

Evergreen party anthems; long-tail revenue modeling, heritage comps
Landmark electronic albums; collections audit, scenario valuation
Landmark electronic albums; collections audit, scenario valuation

Landmark electronic albums; collections audit, scenario valuation
Modern indie masters; growth-case modeling, acquirer mapping
Modern indie masters; growth-case modeling, acquirer mapping

Modern indie masters; growth-case modeling, acquirer mapping
Pop/R&B radio smashes; writer-share analytics, pipeline value assessment
Pop/R&B radio smashes; writer-share analytics, pipeline value assessment

Pop/R&B radio smashes; writer-share analytics, pipeline value assessment
Award-level TV/film scores; backend predictability and media-buyer targeting
Award-level TV/film scores; backend predictability and media-buyer targeting

Award-level TV/film scores; backend predictability and media-buyer targeting
Global pop cuts & pubs; song-by-song NPV, sale-readiness
Global pop cuts & pubs; song-by-song NPV, sale-readiness

Global pop cuts & pubs; song-by-song NPV, sale-readiness
Chart-topping albums, arena cycles; cycle-risk modeling, outreach
Chart-topping albums, arena cycles; cycle-risk modeling, outreach

Chart-topping albums, arena cycles; cycle-risk modeling, outreach
Multi-platinum crossovers; radio recurrence analysis, premium pricing memo
Multi-platinum crossovers; radio recurrence analysis, premium pricing memo

Multi-platinum crossovers; radio recurrence analysis, premium pricing memo
Diamond-era masters; merch/tour halo, recapture modeling
Diamond-era masters; merch/tour halo, recapture modeling

Diamond-era masters; merch/tour halo, recapture modeling
Franchise cue sheets; audit and bundle positioning
Franchise cue sheets; audit and bundle positioning

Franchise cue sheets; audit and bundle positioning
Charting albums; live-cycle sensitivity, fan-merch adjacency
Charting albums; live-cycle sensitivity, fan-merch adjacency

Charting albums; live-cycle sensitivity, fan-merch adjacency
Record #1s and live draw; recurrent value and monetization plan
Record #1s and live draw; recurrent value and monetization plan

Record #1s and live draw; recurrent value and monetization plan
Strong regional radio; market heatmap, buyer list
Strong regional radio; market heatmap, buyer list

Strong regional radio; market heatmap, buyer list
Diversified masters/pubs; triage and rolled-up valuation
Diversified masters/pubs; triage and rolled-up valuation

Diversified masters/pubs; triage and rolled-up valuation
Seminal live LPs and FM staples; physical/digital mix review, premium-buyer targeting
Seminal live LPs and FM staples; physical/digital mix review, premium-buyer targeting

Seminal live LPs and FM staples; physical/digital mix review, premium-buyer targeting
Innovative dance-pop; sync-first thesis, streaming trend analysis
Innovative dance-pop; sync-first thesis, streaming trend analysis

Innovative dance-pop; sync-first thesis, streaming trend analysis
Multi-platinum festival staples; demographic renewal modeling, comps
Multi-platinum festival staples; demographic renewal modeling, comps

Multi-platinum festival staples; demographic renewal modeling, comps
Pop/urban LATAM growth; territory-specific valuation, acquirer mapping
Pop/urban LATAM growth; territory-specific valuation, acquirer mapping

Pop/urban LATAM growth; territory-specific valuation, acquirer mapping
Cult-favorite discography; superfans/long-tail monetization modeling
Cult-favorite discography; superfans/long-tail monetization modeling

Cult-favorite discography; superfans/long-tail monetization modeling
Cult soundtracks; niche-sync strategy, boutique-buyer outreach
Cult soundtracks; niche-sync strategy, boutique-buyer outreach

Cult soundtracks; niche-sync strategy, boutique-buyer outreach
Festival singles and collabs; remix ecosystem analysis, pricing
Festival singles and collabs; remix ecosystem analysis, pricing

Festival singles and collabs; remix ecosystem analysis, pricing
Acclaimed solo + collab works; urban sync pipeline, positioning
Acclaimed solo + collab works; urban sync pipeline, positioning

Acclaimed solo + collab works; urban sync pipeline, positioning
Global arena catalog; evergreen valuation, merch integration, buyer syndication
Global arena catalog; evergreen valuation, merch integration, buyer syndication

Global arena catalog; evergreen valuation, merch integration, buyer syndication
Instrumental rock with touring halo; master/pub valuation, niche sync
Instrumental rock with touring halo; master/pub valuation, niche sync

Instrumental rock with touring halo; master/pub valuation, niche sync
Historic performances & writers; rights audit, EU/LATAM mapping
Historic performances & writers; rights audit, EU/LATAM mapping

Historic performances & writers; rights audit, EU/LATAM mapping
Cross-generational hits; evergreen valuation, premium outreach
Cross-generational hits; evergreen valuation, premium outreach

Cross-generational hits; evergreen valuation, premium outreach
Global major-label cuts; writer-share analytics, pipeline valuation
Global major-label cuts; writer-share analytics, pipeline valuation

Global major-label cuts; writer-share analytics, pipeline valuation
’80s radio staples; catalog recurrence and pricing
’80s radio staples; catalog recurrence and pricing

’80s radio staples; catalog recurrence and pricing
Multi-platinum solo/band eras; royalty waterfall review, acquirer targeting
Multi-platinum solo/band eras; royalty waterfall review, acquirer targeting

Multi-platinum solo/band eras; royalty waterfall review, acquirer targeting
High-energy UK rock; streaming-decay modeling, sync positioning
High-energy UK rock; streaming-decay modeling, sync positioning

High-energy UK rock; streaming-decay modeling, sync positioning
Arena country with strong radio; tour-cycle sensitivity, buyer list
Arena country with strong radio; tour-cycle sensitivity, buyer list

Arena country with strong radio; tour-cycle sensitivity, buyer list
Cinematic electronica; long-tail modeling, boutique syndication
Cinematic electronica; long-tail modeling, boutique syndication

Cinematic electronica; long-tail modeling, boutique syndication
Cinematic Electronica) — Film/TV scores & collabs; cue-sheet audit, bundle valuation
Cinematic Electronica) — Film/TV scores & collabs; cue-sheet audit, bundle valuation

Cinematic Electronica) — Film/TV scores & collabs; cue-sheet audit, bundle valuation
Diversified income; forensic audit, rolled-up valuation
Diversified income; forensic audit, rolled-up valuation

Diversified income; forensic audit, rolled-up valuation
Classic catalog with steady PRO; asset health check, monetization plan
Classic catalog with steady PRO; asset health check, monetization plan

Classic catalog with steady PRO; asset health check, monetization plan
Classic masters/live sets; collectibles potential, buyer mapping
Classic masters/live sets; collectibles potential, buyer mapping

Classic masters/live sets; collectibles potential, buyer mapping
Hit compilations & club singles; compilation economics, DSP optimization
Hit compilations & club singles; compilation economics, DSP optimization

Hit compilations & club singles; compilation economics, DSP optimization
2000s-present catalog with resilient streams; urban-sync strategy, comps
2000s-present catalog with resilient streams; urban-sync strategy, comps

2000s-present catalog with resilient streams; urban-sync strategy, comps
Viral-ready cues/stems; usage-curve analysis, creator-economy outreach
Viral-ready cues/stems; usage-curve analysis, creator-economy outreach

Viral-ready cues/stems; usage-curve analysis, creator-economy outreach
Radio-ready pop with major cuts; split review, valuation memo
Radio-ready pop with major cuts; split review, valuation memo

Radio-ready pop with major cuts; split review, valuation memo
Platinum ballads and screen themes; collections audit, high-grade acquirer targeting
Platinum ballads and screen themes; collections audit, high-grade acquirer targeting

Platinum ballads and screen themes; collections audit, high-grade acquirer targeting
Blash Advisory is a London-headquartered corporate finance and advisory firm specialising in music catalogue valuation, serving record labels, music publishers, catalogue funds, private equity investors, family offices and artist estates across the UK, EMEA, the Far East and India.
Our methodEvery catalogue valuation follows the same five-step framework, so the number a buyer, seller or lender receives is built on a documented method rather than a single opinion.
We examine several years of royalty statements across publishing, master recordings and neighbouring rights, then strip out one-off advances, accounting lags and black-box income to establish a clean, recurring earnings base. Normalised net publisher share and net label share become the foundation for every step that follows.
We separate earnings into their distinct streams: streaming, synchronisation, physical and download, public performance and broadcast, and neighbouring rights. Each stream carries a different growth profile, contract dependency and risk, so each is modelled and discounted on its own terms.
We forecast forward earnings by applying an age-appropriate decay curve to recurring income and a separate assumption to any front-line or newly released material. Older, deep catalogue tends toward a shallow, stable decline, while recent releases decay faster before they settle.
We position the catalogue against observed market multiples of net publisher share and net label share from comparable transactions, adjusting for genre, vintage, ownership of both writer and publisher shares, and the quality of the underlying rights.
We build a multi-year discounted cash flow using a discount rate that reflects the durability and risk of the income, then stress the result against streaming growth, decay speed and synchronisation dependency to produce a defensible valuation range supported by sensitivities.
A music catalogue is valued by establishing its recurring annual earnings, then projecting and discounting those earnings over the life of the rights. The starting point is royalty forensics: we normalise several years of statements to find the durable net publisher share and net label share, removing one-off advances and accounting distortions. We then segment income by type, apply a decay curve to forecast forward earnings, benchmark against comparable transactions, and run a discounted cash flow. The output is a defensible valuation range supported by sensitivities, rather than a single headline figure.
Music catalogues are most often priced as a multiple of net publisher share for publishing rights, or net label share for master recordings. The multiple reflects the durability and predictability of the income. Established, diversified publishing catalogues with long earnings histories have commonly commanded multiples in the low-to-high teens of net publisher share in publicly reported transactions, while younger catalogues, single-artist concentrations or master-only rights typically trade lower. Genre, ownership of both writer and publisher shares, and synchronisation dependency all move the number. A precise multiple only becomes meaningful once the underlying earnings have been normalised.
The discount rate reflects how durable and predictable the royalty income is. Deep, diversified catalogues with decades of stable earnings support a lower rate because the cash flows behave almost like an annuity. Newer catalogues, concentrated single-artist rights, or income that leans heavily on a few synchronisation deals justify a higher rate to reflect greater uncertainty. In practice, discount rates for catalogue income commonly sit in the high single digits to the mid-teens, with the exact figure driven by earnings stability, rights ownership, contract terms and the remaining life of the copyrights.
Streaming and synchronisation income behave very differently and are valued separately. Streaming income tends to be recurring and broad-based, which supports a stable, annuity-like profile and a lower discount rate, though it is sensitive to per-stream rates and platform economics. Synchronisation income from film, television, advertising and games can be far more valuable per placement but is lumpy and harder to forecast, so it usually attracts a higher discount rate unless supported by a durable pipeline. A catalogue weighted toward predictable streaming generally values more efficiently than one dependent on unpredictable sync placements.
Decay describes how a catalogue's earnings decline as songs age and move from active promotion into deep catalogue. We estimate it by examining the catalogue's own historical royalty trajectory year on year, then comparing it against decay patterns typical of the genre and vintage. Recently released or front-line material usually declines faster in its first few years before settling, while older, established songs tend toward a shallow and stable decline. The estimated decay curve is applied to each income stream separately, because streaming, radio and synchronisation do not age at the same speed.
Publishing rights and master recordings are distinct assets with different economics. Publishing covers the underlying composition, generating mechanical, performance and synchronisation income, and it is usually valued on net publisher share. Master recordings cover the specific sound recording and generate income from streaming, physical sales and neighbouring rights, valued on net label share. Publishing income is often considered more durable and diversified, so it can attract a higher multiple, while masters can carry more concentrated risk. Where a seller owns both the writer and publisher shares, or both master and publishing, the combined rights are worth more than either alone.
Net publisher share, or NPS, is the income a catalogue retains after paying songwriter royalties and direct costs. It is the figure a buyer actually receives, which is why catalogue prices are usually quoted as a multiple of NPS rather than gross revenue. Two catalogues with identical gross income can have very different NPS depending on writer splits, administration deals and sub-publishing arrangements. Establishing a clean, normalised NPS is the single most important step in a valuation, because the multiple is meaningless until the earnings base beneath it is accurate. For master recordings, the equivalent measure is net label share.
Timing depends on the size of the catalogue, the quality of the royalty data and the purpose of the valuation. An indicative valuation range, based on uploaded royalty statements or connected distributor data, can be produced quickly to support an early decision. A full diligence-grade valuation, suitable for a transaction, catalogue-backed lending or insurance, takes longer because it requires forensic review of statements, verification of rights ownership, contract analysis and detailed modelling. We scope the timeline against the deal calendar so the valuation is ready when negotiation or a financing decision requires it.
Yes. Catalogues are now widely used as collateral, and lenders and insurers require a valuation built to a different standard than a sale memorandum. For catalogue-backed lending, the analysis emphasises the stability and floor of the income, stress-tested against slower streaming growth and faster decay, so the lender can size an advance against durable cash flow. For insurance, the focus is on replacement and income-continuity assumptions. In both cases we document the rights ownership, contract terms and earnings evidence in a form a credit committee or underwriter can rely on.
The core inputs are several years of royalty statements covering publishing, master recordings and neighbouring rights, together with evidence of what rights are owned and for how long. Distributor and collection society statements, sub-publishing and administration agreements, and any synchronisation licences all help. Where dashboards are available, connecting distributor data speeds the process. The more complete the picture of ownership, splits and contract terms, the tighter the valuation range, because the main source of uncertainty in catalogue valuation is incomplete information about what is actually owned and what it earns, rather than the modelling itself.
Every song carries a writer share and a publisher share, and a catalogue may hold one, the other or both. Owning both the writer and publisher shares of a composition delivers a larger portion of the income, so those rights command a higher price than a publisher share alone. Splits with co-writers, prior administration deals and sub-publishing arrangements all reduce the net share a buyer receives. A valuation must trace these splits song by song for material assets, because two catalogues with similar chart histories can retain very different economics once the splits are mapped.
Buyers pay higher multiples for income they can rely on. Durability matters most: a diversified catalogue with a long, stable earnings history and broad streaming income behaves like an annuity and commands a premium. Ownership of both writer and publisher shares, clean and unencumbered rights, evergreen songs that recur across generations, and strong synchronisation potential all lift the multiple. Concentration in a single artist, heavy reliance on a few sync placements, short remaining copyright life, or disputed ownership pull it down. The multiple is ultimately a judgement about how predictable the next decade of earnings will be.
Reviewed 2026-07-05